Mottley pledges more transparency in economic growth bill adjustments

Prime Minister Mia Mottley has pledged to strengthen transparency provisions in the proposed Economic Diversification and Growth Bill, saying the government will accommodate private-sector calls for clearer disclosure of ministerial decisions.

Giving an assurance that the legislation has “strong and transparent guardrails”, Mottley indicated that there would be an adjustment to allow the respective minister to lay in Parliament any deviation from the recommendations of the advisory committee or the National Growth Council.

She said: “I’m satisfied that we have strong and transparent guardrails, but the private sector has asked for one more, which can be accommodated in regulations, and that is simply one that speaks to if the minister deviates for whatever reason from the advice from the advisory committee and, in fact, the National Growth Council, that he can and must lay his reasons for deviation in the House of Parliament, which we have no difficulty with, because 99 per cent of the time the minister is acting consistent with the recommendation that they’ve given. There are very few occasions where there’s room for variation, but I’m not going to agree that he should be a rubber stamp.”

The prime minister noted that countries were moving towards cash grant-style, costbased investment support mechanisms rather than relying on concessions alone, adding that in previous years the country had to waive $875m annually in tax concessions from various sectors, including agriculture and tourism, which are anchored in specific statutory frameworks.

“What this bill that was before the honourable chamber does is ask for $75m a year to be able to provide subsidies to maintain jobs, particularly only to those people who will give us more than 100 jobs. But more importantly, the $75m is not even ten per cent of what the government of Barbados is waiving consistently in tax concessions and tax waivers on an annual basis. Now what is the difference? You will see an order under duties, taxes and other payments saying: ‘We give these persons these exemptions or these tax concessions.’ They don’t tell you numbers, so people don’t see it, so people don’t get titillated in the same way. The number in this bill is a subsidy. It is therefore not the subject of discussions between the Revenue Authority and the individual applicant.”

Adjourning the House until January 6, the prime minister wished everyone all the best for the Christmas season and expressed her hopes for a transformative year ahead.
“I believe 2026 is a year when we will have to seize our future and to ensure that we continue to keep Barbados safe, keep Barbados strong, keep Barbados stable and keep Barbados for Barbadians prosperous,” she said.

(JB)